You have the following information for Novak Gems. Novak uses the periodic method of accounting for its inventory transactions. Novak only carries one brand and size of diamonds-all are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost. March Beginning inventory 174 diamonds at a cost of $356 per diamond. Purchased 232 diamonds at a cost of $406 each. Sold 216 diamonds for $696 each. Purchased 390 diamonds at a cost of $444 each. Sold 456 diamonds for $754 each. 1 3 5 10 25 Assume that Novak uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would Novak report under this cost flow assumption? Cost of goods sold $ Gross profit